The global workforce management market size reached US$ 5.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.9 Billion by 2027, exhibiting a growth rate (CAGR) of 10.1% during 2022-2027.
Workforce management (WFM) includes processes that enable an organization to track performance and optimize the productivity of their employees. It effectively forecasts labor requirements and manages staff schedules for accomplishing different tasks regularly. It also helps in improving labor planning, lowering operational costs and providing better customer services. As a result, workforce management software is utilized in the healthcare, and banking, financial services and insurance (BFSI) sectors, which are involved in high time-sensitive tasks.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends
Owing to the increasing focus on workforce optimization, organizations around the world are relying on WFM solutions to manage their time and avoid duplication of tasks. This, in confluence with the increasing adoption of cloud-based solutions, is driving the global WFM market growth. Furthermore, digitalization and the rising penetration of smartphones is also strengthening the market growth. Apart from this, the introduction of real-time solutions in WFM, along with the integration of software-as-a-service (SaaS) technology, are anticipated to propel the market growth in the upcoming years.
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Breakup by Solution:
Absence Management
Performance Management
Workforce Scheduling
Time and Attendance Management
Workforce Analytics
Others
Breakup by Service:
Implementation Services
Support and Maintenance Services
Training and Education Services
Breakup by Deployment Type:
Cloud-based
On-premises
Breakup by Organization Size:
Small and Medium-sized Enterprises (SMEs)
Large Enterprises
Breakup by Vertical:
Government and Defense
Banking, Financial Services, and Insurance (BFSI)
Healthcare
Transportation and Logistics
Telecom and IT
Consumer Goods and Retail
Manufacturing
Energy and Utilities
Others
Breakup by Geography:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being ADP, Atoss Software AG, HotSchedules Inc., Huntington Business Systems, IBM, Kronos Inc., Oracle Corporation, Reflexis Systems, SAP SE, Ultimate Software Group Inc., Verint Systems, Workday Inc. and WorkForce Software LLC, etc.
Key highlights of the report:
Market Performance (2015-2020)
Market Outlook (2021- 2026)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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